Basically, this would be a shortcut to click on the open arrow/button, and on the close arrow/button.
This is a closed Action:
This is an open Action:
As I am going through many actions to make changes, it would be very helpful to have a shortcut to open the Action, make my changes, and then close the Action.
⌘] and ⌘[ open and close actions, respectively. After opening you can tab into the action. It also works on multiple actions at the same time. Is that what you mean?